SANDVIK ACQUIRES REMAINING SHARES IN SANDVIK CHOKSI LTD. IN INDIA

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SANDVIK ACQUIRES REMAINING SHARES IN SANDVIK CHOKSI LTD. IN INDIA
09 March 2001 - Sandvik Materials Technology UK

Sandvik has acquired the remaining 49% of the shares in Sandvik Choksi Ltd. from the Indian company Choksi Tube Company Ltd. Sandvik has owned 51% of the shares since the company was founded in 1996.

As a result of the acquisition, Sandvik further strengthens its position in India and in the other Asian markets for extruded seamless, stainless tube. Sandvik Choksi Ltd.'s operations are based in Mehsana, Gujarat. Sales in 2000 were SEK 30 M, with about 200 employees. In conjunction with the acquisition, the company changes name to Sandvik Steel Asia Pvt. Ltd.

The acquisition is part of Sandvik's growth strategy within expanding product and market areas. Sandvik Steel Asia Pvt. Ltd. works mainly on the growing Indian market, but export sales are increasing.

'The plant meets the highest international standards for production technology, productivity and quality. As a result of the company now becoming a wholly owned subsidiary, the plant can be integrated into Sandvik's global production network,' says Lars Pettersson, President of Sandvik Steel.

http://www.smt.sandvik.com/uk

About: Sandvik Materials Technology UK
Sandvik Materials Technology is a world leading producer of high technology stainless steels, special alloy materials and advanced value-added products, developed in close cooperation with customers.

Sandvik Materials Technology consists of five product areas: Tube, Strip, Wire, Kanthal and Process Systems.

Sandvik Materials Technology is a business area within the Sandvik Group.

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